Quartermile looks east for buyers

GARETH MACKIE

EDINBURGH’S Quartermile development, one of Scotland’s largest urban regeneration schemes, is stepping up its campaign to attract Far Eastern property investors after enjoying record sales.

The team behind the 19-acre scheme, which changed hands in a multi-million-pound deal in September, said 100 apartments were sold on the site in 2013, and the momentum has continued into the new year, with 21 flats snapped up in January and February.

Lorraine Paterson, sales and marketing director, said: “We will continue to market Quartermile both nationally and internationally throughout 2014. As part of that activity, we will be visiting Hong Kong and Singapore later this month to meet potential residential property investors.”

Paterson said a similar expedition two years ago secured the sale of 34 apartments for a combined £10 million.

The development, on the site of the former Edinburgh Royal Infirmary, was sold by Lloyds Banking Group-backed developer Gladedale Capital to property investor Moorfield for an undisclosed sum.

Following the deal, Quartermile managing director Paul Curran told Scotland on Sunday that Moorfield had committed to spending £30m to build 130 apartments across two blocks, while a further £140m investment would complete additional office and hotel space.

Construction largely ground to a halt during the property crash of 2008-9, but an upturn in activity means Moorfield is hopeful of finalising the project by 2018.

As well as residential and retail units, including Looking Glass Books, the scheme is home to a number of eateries such as Peter’s Yard and Starbucks. Office space has been taken up by law firms Maclay Murray & Spens and Morton Fraser, along with flight search engine Skyscanner and financial services groups Investec and Mercer.

Once complete, Quartermile will comprise more than 900 apartments, 395,000sq ft of offices and 70,000sq ft of retail and leisure space.

Residential properties currently on the market range from £360,000 for a two-bedroom flat to a four-bedroom penthouse being offered at more than £1.8m.

So far, 502 apartments have been built and sold at the development, with a further 130 currently under construction.

Paterson said: “The simultaneous improvement in the national and international property markets has certainly also been a factor in our continued success.

“It is now vitally important that we maintain this momentum as we build and release further residential property.”